Thursday, October 16, 2008

WA Government Wants a Smaller Piece of your House

The WA Government has revised the "shared equity" program in which it helps low income earners buy a house during the housing affordability crisis. With interest falling and house prices down 10% from last year, there are new changes to this program to make it harder for people to apply.

Now, the government is only willing to buy 25% of your house, rather than 40%. The maximum price for the house is now $355,000 and single people seeking to access the scheme must now earn less than $50,000 a year to be eligible. The threshold for couples has been capped at $60,000 and at $70,000 for families.

So this scheme doesn't help this homebuyer.. anyone out there benefitting?

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